Cyprus Betting Licenses Available Next Month

By Brian Cullingworth, Last updated Sep 9, 2016

October 3 date set for first applications

The Cyprus National Betting Authority has announced that online sports betting licenses will be available to suitable applicants with effect from October 3rd this year.
This positive development for the industry is however somewhat clouded by the tough tax and licensing fees set for successful applicants:
* On application, operators must have Euro 500,000 in paid up capital, and produce bank guarantees of Euro 550,000;
* There's a Euro 30,000 licensing fee for a one-year licence, discounted to Euro 45,000 for a two-year licence;
* Tax based on GGR of 10 percent p.a.
* Regulator's fee of 3 percent of GGR.
The good news is that the regulator does not demand that operators base themselves in Cyprus, although they will be required to have a mirror server on the island to enable the regulator (and presumably the taxman) to keep an eye on things in real time. Operators must also use a local domain extension.
Operators are expected to respect international bans by conducting their own compliance checks on where they may access markets

Online Casino News Courtesy of Infopowa

Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

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